Australia-based crypto exchange Swyftx and local online investment platform Superhero have announced they have decided to not merge their businesses due to the tightening of industry regulation.
Superhero CEO John Winters has said in a statement:
“Market volatility, as well as the current regulatory environment, make it difficult to realize the original vision that inspired the merger earlier this year.”
According to him, the platform will remain independent and will develop “as a separate company.” User funds are safe because their data and assets were not provided by Swyftx.
The Australian companies announced in June they had plans to merge their businesses. A few months later, the country’s authorities announced plans to tighten requirements for the industry in 2023.